The multimillion-dollar spend is subject to adjustments for working capital and debt and the deal is expected to be completed by the end of the year after regulatory approvals.

Cybersecurity is expected to become a lucrative business in the era of ultra-fast 5G mobile networks and the rise of smart devices, as businesses and consumers look to safeguard themselves as they become increasingly connected.

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Melbourne-based Hivint Cybersecurity Consultancy helps businesses create security plans, provides support when there are breaches and looks for weaknesses in systems.

Optus Business managing director John Paitaridis said the acquisition was "timely" as a survey undertaken by the telco of 200 Australian businesses found 85 per cent thought cyber and information security would be disruptive in the next three years.

“Hivint’s reputation for providing high-quality advisory services to businesses facing the challenges of increased cyber security threats and digitalisation will strengthen Optus’ position as one of Australia’s leading cyber security service providers and trusted adviser to both government and enterprise customers," Mr Paitaridis said in a statement.

Singtel's chief executive of global cyber security, Arthur Wong, said a "key objective" for executives and the board had become "protecting businesses from data breaches, disruption of operations and loss of intellectual property and economic assets".

Optus started taking steps into cybersecurity in 2016, launching an Optus Macquarie University Cyber Security hub for $10 million and partnering with Latrobe University to launch a cyber security degree, investing $8 million to develop the curriculum.

Last year, the telco invested $3.5 million into the industry collaboration Australian Cyber Security Research Centre. Singtel has a cybersecurity arm called Trustwave, having acquired a 98 per cent interest in the US-based business in 2015 and buying the last 2 per cent of the company in May.

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Australia's largest telco, Telstra, opened new security operations centres in 2017 to bolster contracts with the government and large businesses, a year after acquiring New Zealand-based cybersecurity analytics firm Cognevo.

This follows a global trend of mobile and internet providers looking to become more than the "pipes" through which internet connections are made and instead towards supplying businesses and consumers' other needs, including entertainment and technology solutions.

In September, US-based telecommunications and entertainment giant AT&T linked up with electronics company Ericsson to offer cyber testing and certification for personal items, like medical devices, and business applications, such as connected streetlights. This year, offshore telco Verizon started a Threat Intelligence Platform Service providing information about data breaches and threats in partnership with cybersecurity company Anomali.